Income Tax Slabs 2025 Live: Check New Tax Regime vs Old Tax Regime changes, tax liability, standard deductions and more

Income Tax Slabs 2025: Income Tax Exemption Limits

2005: Rs 1 lakh

2012: Rs 2 lakhs

2014: Rs 2.5 lakhs

2019: Rs 5 lakhs

2023: Rs 7 lakhs

2025: Rs 12 lakhs

Income Tax Slab Live Updates: Transformation of India's personal income tax structure under Modi govt since 2014

India's personal income tax structure has seen notable reforms since the Modi government took office in 2014, with successive budgets aimed at reducing the tax burden on middle-class taxpayers. Over the past decade, key changes have included higher exemption limits, revised tax slabs, and enhanced rebates, reflecting a consistent push for tax relief.

Full report - HERE

Tax Slab 2025 Live: Save More, Spend More, and Live Better with Budget 2025

Budget 2025 prioritised three key areas: reviving consumption amid a notable slowdown, keeping inflation in check through a disciplined fiscal approach, and enhancing the ease of living by addressing everyday challenges.

One of the standout measures is effectively making an annual income of Rs. 12 lakh tax-free. Under the new tax regime, individuals earning Rs. 18 lakh per annum will receive a tax benefit of Rs. 70,000, while those earning Rs. 50 lakh per annum will benefit by Rs. 1.1 lakh. These changes aim to put more money in people’s hands, boosting both savings and spending.

Complete report - HERE

Income Tax Slab 2025: How Budget 2025 Impacts the Middle Class

Let's explore key personal tax proposals in Budget 2025 that could benefit the middle class:

Revised Tax Rates Under the New Regime

The Budget proposes changes to tax bands under the new tax regime, while the structure of the old tax regime remains unchanged.

Extended Deadline for Updated Tax Returns

Currently, taxpayers have 24 months from the end of the relevant assessment year to file an updated return. The Budget suggests extending this deadline.

Changes to TCS Threshold

At present, Tax Collected at Source (TCS) applies to remittances exceeding Rs. 7 lakh per annum under the Liberalised Remittance Scheme. The Budget aims to rationalise this threshold.

Annual Value of Self-Occupied Property

Taxpayers can currently declare the annual value of up to two self-occupied properties as NIL if the property qualifies as self-occupied if it is used as the owner's primary residence or if they are unable to occupy it due to employment, business, or professional commitments in another location.

Read the complete report - HERE

Income Tax Slabs 2025 Live: Disposable income will rise, leading to higher spending and economic growth, says Meghna Mishra, Senior Partner at Karanjawala & Co

Meghna Mishra, Senior Partner at Karanjawala & Co said that overall, this budget is highly beneficial for the middle class and senior citizens, with key measures aimed at increasing savings and boosting consumption. The increase in the TCS threshold limit from ₹7 lakh to ₹10 lakh and the doubling of the TDS threshold for senior citizens provide significant relief. Additionally, with no income tax payable up to ₹12 lakh, disposable income will rise, leading to higher spending and economic growth. These steps not only support the common man and industry but also align with the vision of a Viksit Bharat by 2047, making it a well-balanced and progressive budget.

With these strategic reforms, the government aims to create a more robust, inclusive, and future-ready economy to stimulate economic expansion and to implement and improve further the ease of business and driving economic growth a high level committee for non financial sectors is being set up. Committee to make recommendations within an year with objective of trust based economic governance and take transformational measures to enhance ease of doing business.

Income Tax Slabs 2025 Live: Know maximum amount of rebate for a taxpayer

As per the FAQ released by the Finance Ministry, the maximum rebate available for a taxpayer stands at Rs 60,000. This rebate is available for an individual earning Rs 12 lakh annually. This rebate is as per the new tax slabs

Income Tax Slabs 2025 Live: Nirmala Sitharaman is addressing media after Budget presentation

Income Tax news live, income tax calculator live:  It's a very responsive govt as a result of which income tax simplification is complete. The bill will be brought next week, says Union Finance Minister Nirmala Sitharaman

Income Tax Slabs 2025 Live: Look at taxpayers who will benefit from the income tax slab overhaul

Income Tax news live, income tax calculator live: For AY 2024-25, approximately 8.75 crore individuals have filed their Income Tax Returns (ITRs). Taxpayers opting for the new tax regime will benefit from the revised rates and slabs.

• Indian equity indices closed flat after a volatile session on Budget day, February 1. The Sensex ended marginally higher by 5.39 points (0.01%) at 77,505.96, while the Nifty declined by 26.25 points (0.11%) to close at 23,482.15. Market breadth was mixed, with 2,001 stocks advancing, 1,752 declining, and 121 remaining unchanged.
• Top losers on the Nifty included L&T, Bharat Electronics, Power Grid Corp, Grasim Industries, and Cipla, while Trent, Maruti Suzuki, Tata Consumer, Eicher Motors, and Bajaj Auto emerged as the top gainers.
• Among sectoral indices, the Consumer Durables index rose 3%, the Realty index gained 3.3%, the Auto index jumped 1.9%, the Media index climbed 2%, and the FMCG index added 3%. Conversely, Capital Goods, Power, and PSU indices fell 2-3%, while Metal, IT, and Energy sectors declined by 1-2%.
• The BSE Midcap index dropped 0.5%, whereas the Smallcap index edged up by 0.3%.

Income Tax Slabs 2025 Live: January GST collections up 12.3% YoY at Rs 1.96 lakh crore

January GST collections up 12.3% YoY at Rs 1.96 lakh crore

Income Tax Slabs 2025 Live: New framework seeks to provide financial relief to middle-income earners, says Manmeet Kaur, Partner at Karanjawala & Co.

The budget has made a welcome provision by providing zero income tax till income of Rs. 12 Lacs (12.75 lacs with 75,000/- standard deduction). The newly implemented tax structure aims to significantly alleviate the tax burden on the middle class, thereby increasing their disposable income. By reducing the tax liabilities, the new framework seeks to provide financial relief to middle-income earners, fostering economic growth and stability.

The new Income Tax Bill, likely to be introduced next week, aims at a significant overhaul of the existing tax framework. The intention is to simplify compliance for taxpayers by reducing the complexity of the current Income Tax Act of 1961. It was announced that the new act will be around 50% in size of the present Act. This simplification is expected to make the tax laws more accessible and understandable for the average taxpayer, thereby reducing disputes and litigation.

New tax regime 2025 live: Should you switch to New Tax Regime from Old Tax Regime?

Income Tax news live, income tax calculator live: The decision to opt for the new tax regime depends on your financial profile and the exemptions you can claim under the old regime. For instance, if your income is Rs 16 lakh and you claim exemptions of Rs 4 lakh, your taxable income will be reduced to Rs 12 lakh. Under the old tax regime slabs, you would pay a total of Rs 1,77,500 in income tax, which is Rs 57,000 more than the tax payable under the new regime.

New tax regime 2025 live: Did Nirmala Sitharaman say anything about Old Tax Regime?

Income Tax news live, income tax calculator live: The Budget document states that the new tax slabs apply to those opting for the New Tax Regime, reflecting the government's push to simplify personal taxation by eliminating the complexities of exemptions. Neither Finance Minister Nirmala Sitharaman nor the Budget document made any reference to changes in the old tax regime, implying that the slabs under the old regime remain unchanged.

New tax regime 2025 live: How to calculate income tax under new system?

Income Tax news live, income tax calculator live: For an annual income of Rs 16 lakh under the new tax regime, there will be no tax on the first Rs 4 lakh. Income between Rs 4 lakh and Rs 8 lakh will be taxed at 5%, amounting to Rs 20,000. The next slab, from Rs 8 lakh to Rs 12 lakh, will attract a 10% tax, totaling Rs 40,000. Finally, income between Rs 12 lakh and Rs 16 lakh will be taxed at 15%, resulting in Rs 60,000. This brings the total tax payable to Rs 1,20,000, which is Rs 50,000 less than the current tax liability.

• Smart Meters
• Solar Cells
• Imported Footwear
• Imported Candles & Tapers
• Imported Yachts & Other Vessels
• PVC Flex Films, Sheets & Banners
• Certain Imported Knitted Fabrics
• Interactive Flat Panel Displays (CBU)

• Imported Cars: Priced over $40,000 or with engine capacity above 3,000cc
• Imported Motorcycles (CBU): Engine capacity ≤ 1600cc
• Imported Motorcycles (SKD): Engine capacity ≤ 1600cc
• Imported Motorcycles (CKD): Engine capacity ≤ 1600cc
• Imported Motorcycles (CBU): Engine capacity ≥ 1600cc
• Imported Motorcycles (SKD): Engine capacity ≥ 1600cc
• Imported Motorcycles (CKD): Engine capacity ≥ 1600cc
• Imported Vehicles: For transport of 10 or more persons
• Parts of Electronic Toys
• Synthetic Flavouring Essences & Mixtures: Used in food & beverage industries
• Jewellery, Goldsmiths' & Silversmiths' Ware
• Ethernet Switches: Carrier grade

• Sanjiv Puri On CNBC-TV18
• Labour Intensive Industry Has Been Touched Upon
• Budget Was Focussed On Consumption
• Expect Interest Rates To Get Reduced & Provide Further Boost To Consumption
• There Is An Integrated & Focussed Approach On Agriculture
• Sunil Kant Munjal On CNBC-TV18
• Whole Focus Has Been On Maintaining Fiscal Deficit & Laying Out Growth Path
• Personal & Family B/S Were Impacted Due To Over-Leveraging, This Will Come Down
• Was Hoping For Higher Infra Spends
• Maintaining Fiscal Deficit Better Than Estimate; Is A Key Highlight

New tax regime 2025 live: 'Tax cuts will be catalyst for boosting consumption'

"The tax cuts announced in Budget 2025-26 will serve as a significant catalyst for boosting consumption and, in turn, employment generation. The establishment of a dedicated committee aimed at enhancing ease of doing business is particularly encouraging. This initiative will not only attract global companies but also fortify India’s startup ecosystem. From our experience as a bootstrapped success story operating in over 100 countries, we recognise how streamlined business processes can drive growth and job creation. These reforms will foster a more dynamic job market, benefiting both employers and job seekers. We are optimistic about the increased recruitment activities that these changes will spur." -  Amritanshu Anand, Co-Founder, Recruiterflow

New Tax Slab Changes Live: Why it's good news for those with two self-occupied properties

New Tax Slab Changes Live: What Budget Memorandum says on tax rebate

According to the Budget Memorandum, the income limit for rebate under Section 87A has been increased from Rs 7,00,000 to Rs 12,00,000 for taxpayers under Section 115BAC(1A). Additionally, the rebate amount under clause (a) of the first proviso to Section 87A has been raised from Rs 25,000 to Rs 60,000.

New Tax Slab Changes Live: How many taxpayers will get relief from Union Budget announcements

Income Tax news live, income tax calculator live: Nearly 85% of 7.5 crore tax return filers to get relief as government provides tax relief to those earning till Rs 12 lakh

• New income tax bill to be tabled next week
• TDS limit on senior citizens’ deposit interest raised to Rs 1 lakh
• TDS threshold on rent increased to Rs 6 lakh from Rs 2.4 lakh
• TCS on LRS increased to Rs 10 lakh from Rs 7 lakh
• TCS on remittance for education is withdrawn, if loans taken from financial institutions
• Higher TDS will apply only in non-PAN cases

• Senior and very senior citizens - Proposal to withdraw NSS as exempt
• Timeline for filing updated returns extended from two to four years. Rs 90 lakhs taxpayers have filed updated returns and paid tax.
• Revamped central KYC registry to be launched in 2025

New Tax Slab Changes Live:'Government has lowered the tax liability under the Income tax'

Income Tax news live, income tax calculator live: Government has lowered the tax liability under the Income tax. Under the old regime, the nil tax slab has been raised from Rs 7 lakh earlier to Rs 12 lakh. Under the new tax regime, tax slabs and liability has been lowered providing benefit of Rs 70,000 to Rs 1.1 lakh for income earners in Rs 12 lakh to Rs 25 lakh bracket. Lower taxes would increase disposable incomes in hands of consumers. This is positive for discretionary consumption plays such as Trent Limited, Aditya Birla Fashion & Retail in apparel; Metro Brands, Campus Activewear in footwear; quick service restaurant companies such as Jubilant Foodworks, Devyani International as well as jewellery stocks like Senco Gold, Titan Company and Goldiam International, Bharat Gianani, Research Analyst, Moneycontrol Research

New Tax Slab Changes Live: Big boost to the middle class

Income Tax news live, income tax calculator live:  Finance Minister Nirmala Sitharaman provided relief to individual taxpayers by raising the income tax rebate limit from Rs 7 lakh to Rs 12 lakh. This rebate applies to resident Indian taxpayers, ensuring that salaried individuals earning up to Rs 12.75 lakh will now be exempt from paying income tax. Additionally, the minister announced a revision of tax slabs under the new regime, offering a significant savings boost to the middle class.

Income Tax Slabs 2025 Live: Income Tax Exemption Limits

2005: Rs 1 lakh

2012: Rs 2 lakhs

2014: Rs 2.5 lakhs

2019: Rs 5 lakhs

2023: Rs 7 lakhs

2025: Rs 12 lakhs

• FM: No income tax upto income of Rs 12 lakh
• FM's income tax announcement receives resounding claps from the House
• FM's income tax cut is seemingly a direct boost to consumption and savings and investments
• Tax rate structures under new tax regime revised

Income Tax Budget 2025 Live: FM talks about 3Ds as such announces in come

Democracy, demography and demand are key support pillars, as FM announces Personal Income Tax reforms

• Income Tax news live, income tax calculator live: TCS on remittance for education is removed - out of loan taken from specified financial institutions
• To streamlining transfer pricing, Scheme for Arms Length Price for international transactions for three years
• FM propose to exempt withdrawals made under National Savings Scheme (NSS) accounts from tax.

• Nirmala Sitharaman proposes to rationalise TDS
• Personal income tax reforms with focus on middle class, says Sitharaman
• TDS threshold from Rs 50,000 to Rs 1 lakh for senior citizens
• FM says that she will come to announcements around personal income tax at the end

Income Tax Budget 2025 Live: Sitharaman proposes Jan Vishwas Bill 2.0

Income Tax news live, income tax calculator live: In her Budget 2025-26 speech, Finance Minister Nirmala Sitharaman highlighted that the Jan Vishwas Act 2023 had decriminalised over 180 legal provisions. She further announced that the government will introduce the Jan Vishwas Bill 2.0, which aims to decriminalise an additional 100 provisions across various laws.

Income Tax Budget 2025 Live: As a part of review, Sitharaman propose to remove 7 tariff Customs rates

As a part of review, propose to remove 7 tariff Customs rates

• Old Tax Regime:
• Tax Slabs for Individuals Under 60:
• Up to Rs 2.5 lakh: 0%
• Rs 2.5 lakh to Rs 5 lakh: 5%
• Rs 5 lakh to Rs 10 lakh: 20%
• Above Rs 10 lakh: 30%
• Available Deductions:
• Section 80C: Up to Rs 1.5 lakh for investments in Provident Fund (PF), Equity Linked Savings Scheme (ELSS), LIC premiums, etc.
• Section 80D: Up to Rs 25,000 for health insurance premiums (Rs 50,000 for senior citizens).
• House Rent Allowance (HRA): Available for salaried individuals paying rent.
• Section 24(b): Up to Rs 2 lakh deduction for home loan interest.
• New Tax Regime: Tax Slabs:
• Up to Rs 3 lakh: NIL
• Rs 3 lakh to Rs 6 lakh: 5%
• Rs 6 lakh to Rs 9 lakh: 10%
• Rs 9 lakh to Rs 12 lakh: 15%
• Rs 12 lakh to Rs 15 lakh: 20%
• Above Rs 15 lakh: 30%
• Key Features and Recent Changes:
• Offers a simplified structure with reduced rates but does not allow for deductions.In the 2024 Budget, the standard deduction limit was increased from ₹50,000 to Rs 75,000.The tax benefit on employers' contributions to employees' National Pension System (NPS) was raised from 10% to 14%.Adjustments to tax slabs resulted in a tax savings of Rs 17,500 for salaried individuals.

Income Tax Budget 2025 Live: Sitharaman proposes to introduce new Income Tax bill next week

Income Tax news live, income tax calculator live: In her budget speech, Sitharaman proposes to introduce new Income Tax bill next week. She also said that 'Tax department will trust first, scrutinise later.'

Income Tax Budget 2025 Live: Know income tax rates range in Germany

Income Tax news live, income tax calculator live: In Germany, the maximum income tax rate is 45%. This rate applies to married individuals earning above 555,652 euros (approximately Rs 5 crore) and to single taxpayers with incomes exceeding 277,826 euros (roughly Rs 2.5 crore).

Income Tax Budget 2025 Live: Know income tax rates range in the UK

Income Tax news live, income tax calculator live: In the UK, income tax rates range from 0% to 45%, with those earning over £125K expected to pay more than 45%. In Scotland, which is part of the UK, the tax rates are slightly higher. According to the British government's official portal, Scottish tax starts at 19% for earnings above £12,571, with the maximum rate reaching 48% on income over £125,140 (approximately Rs 1.37 crore). For individuals earning between £75K and £125K, the tax rate is 45%.

Income Tax Budget 2025 Live: Check out income tax rate in the US

Income Tax news live, income tax calculator live:  As we wait for Part B announcements, here's a look at how taxpayers are levied in other countries. According to the latest figures on IRS.gov, tax rates range from 10% to 37% depending on your income. The highest rate of 37% is applied to earnings exceeding $609K (approximately ₹5.3 crore), while individuals earning up to $58,000 are taxed at a maximum rate of 22%.

Income Tax Budget 2025 Live: Know key deductions under new tax regime

Income Tax news live, income tax calculator live: Experts predict that middle-class taxpayers are looking forward to several exemptions and deductions being introduced under the new regime. They hope for an increase in the Section 80C limit to allow deductions of up to Rs 2 lakhs for expenses such as life insurance premiums and employees' Provident Fund contributions. Under Section 80D, they expect the deduction for health insurance premiums for self and family to be extended up to Rs 1 lakh, which would help address the rising costs of medical care. Additionally, experts suggest that Section 80TTB should include a deduction of up to Rs 50,000 for senior citizens earning interest from deposits with banks, post offices, and similar institutions. Finally, they propose that Section 10(13A) be revised to enable salaried taxpayers to claim HRA deductions for rental expenditures under the new tax regime.

Income Tax Budget 2025 Live: Big update shortly!

Income Tax news live, income tax calculator live: The finance minister has confirmed what everyone was anticipating from this Budget. In her speech, she has just now spoken on focus on regulatory reforms and taxation. Stay with us for big tax update!

Income Tax Budget 2025 Live: Middle class remains hopeful

Income Tax news live, income tax calculator live:  Taxpayers, especially those in the lower middle-income bracket, could see some relief in Finance Minister Nirmala Sitharaman's Budget on Saturday, as the government aims to boost consumption and revive a struggling economy, according to Deloitte India economist Rumki Majumdar. She expects that the finance minister will offer tax relief for individuals who have opted for the new tax regime—which provides no exemptions but uses a higher tax base—particularly benefiting those earning between Rs 7 lakh and Rs 10 lakh annually.

Income Tax Budget 2025 Live: Will banks increase exposure to KCC Loans?

Income Tax news live, income tax calculator live: Loans taken through KCC to be increased from Rs 3 lakhs to Rs 5. However, KCC loans have seen prolonged stress for the last three quarters. Will banks increase exposure to KCC Loans under such circumstances would be interesting to watch. - Hamsini Karthik, MC

• Income Tax news live, income tax calculator live: In her address yesterday, President Draupadi Murmu announced that an additional 3 crore families will receive houses under the PM Awas Yojana, with the government allocating Rs 5,36,000 crore for the initiative. The flagship housing scheme, applicable to both rural and urban areas, outlines specific eligibility criteria for securing a home loan at a subsidized interest rate under PM Awas Yojana (Urban):
• Family Income Bracket:
• Economically Weaker Section (EWS): Households with an annual income of up to Rs 3,00,000.
• Low Income Group (LIG): Households with an annual income between Rs 3,00,001 and Rs 6,00,000.
• Middle Income Group-1 (MIG-1): Households with an annual income between Rs 6,00,001 and Rs 12,00,000.
• Middle Income Group-2 (MIG-2): Households with an annual income between Rs 12,00,001 and Rs 18,00,000.
• Property Ownership: The applicant or any family member should not own a pucca house anywhere in the country.
• Family Composition: The family must consist of a husband or wife along with their unmarried children.
• These criteria are designed to ensure that the benefits of the PM Awas Yojana are extended to those who need them most.

Income Tax Budget 2025 Live: What happens to deductions under Section 80C

Income Tax news live, income tax calculator live: Section 80C of the Income Tax Act provides a total deduction limit of Rs 1,50,000 for various investment and insurance-related expenses. This includes payments for life insurance premiums, contributions to provident funds along with Equity Linked Savings Schemes (ELSS), and investments in National Savings Certificates. Additionally, expenses such as the principal repayment on a housing loan, deposits made into the Public Provident Fund (PPF) or the National Pension Scheme (NPS), as well as contributions toward an annuity plan offered by LIC or other insurers for pension schemes, are also eligible for deduction under this section.

Income Tax Budget 2025 Live: Calls for additional deduction of Rs 50,000 for NPS under New Tax Regime

Income Tax news live, income tax calculator live: At present, the new tax regime only offers corporate NPS deduction (employers' contribution to employees' NPS of up to 14 percent of basic pay) that benefits salaried employees. There are calls for introducing an additional deduction of up to Rs 50,000 for NPS under the new regime in order to provide relief to self-employed individuals. - Preeti Kulkarni, Associate Editor, Moneycontrol

Income Tax Budget 2025 Live: All eyes on Part B of Union Budget

Income Tax news live, income tax calculator live: All eyes will be on Finance Minister when she presents Part B of the budget on Taxation. Will banks be lucky at least this time around as they have lobbied for a tax break on Deposit income for a third time in a row. Will this help them garner more deposits? - Hamsini Karthik, Editor- BFSI, Moneycontrol

Income Tax Budget 2025 Live: Nirmala Sitharaman presents Union Budget FY26

Income Tax news live, income tax calculator live: Amid protests by the Opposition lawmakers, Union Finance Minister Nirmala Sitharaman is presenting the Budget. She says that the priority are - Youth, Farmers and Women - Yuva, Annadata aur Naari

Income Tax Budget 2025 Live: Key changes to watch out for in today's Budget

Income Tax news live, income tax calculator live: The upcoming budget is expected to address a range of issues. There may be a review of income-tax slabs and rates alongside a hike in the standard deduction to provide much-needed relief. Additionally, proposals could include an increased health insurance deduction limit within the new regime and an enhanced National Pension System deduction to promote better retirement planning. The budget might also explore joint taxation options for married couples, along with revised deductions for home loans and changes to the House Rent Allowance structure under the new regime. Furthermore, tax relief on term deposits and capital gains tax concessions for long-term investments could be on the agenda, as well as modifications to TDS/TCS provisions aimed at offering relief to NRIs.

• Idea of Sovereign Wealth Fund Has Been Thought Of For A Very Long Time
• Idea Of A Sovereign Wealth Fund Is Contingent On A Strong Disinvestment Plan
• Imp To Stay On Fiscal Consolidation Path Otherwise It Will Be Difficult To Control Inflation
• Time Has Come For An Expenditure Commission To Reduce Redundancies & Costs

Income Tax Budget 2025 Live: What PM Modi told Cabinet

Income Tax news live, income tax calculator live:  News18 cites sources, PM told Cabinet the Budget is for the aspirations of poor, farmer, common man

Income Tax Budget 2025 Live: What happens to Old Tax Regime now?

While there is talk of scrapping the old tax regime, it's unlikely at this stage as many taxpayers who claim multiple deductions still favour it. However, it might be phased out once the Income Tax Act is revamped. - Preeti Kulkarni, Associate Editor, Moneycontrol

Income Tax Budget 2025 Live: Raising the tax deduction limit on home loan interest under Section 24(b) expected

Income Tax news live, income tax calculator live: The forthcoming Union Budget 2025-26 is anticipated to tackle several key issues within the real estate sector. Siddharth S. Sharma, Vice President of Silverdome Realtors, stated, "Raising the tax deduction limit on home loan interest under Section 24(b) from Rs 2 lakh to Rs 5 lakh would significantly ease the financial burden on homebuyers, especially in the premium housing segment, and stimulate demand. Moreover, simplifying tax and investment regulations for NRIs—such as lowering TDS on property transactions and introducing exclusive incentives—would help attract more foreign capital, further boosting the sector."

Income Tax Budget 2025 Live: What are deductions for interest paid on home loan?

Income Tax news live, income tax calculator live: Under Section 80EE, taxpayers can claim a deduction of up to Rs 50,000 on interest payments for a loan taken to acquire residential property, provided the loan was sanctioned between April 1, 2016, and March 31, 2017.

Income Tax Budget 2025 Live: What is the current tax slab for those earning Rs 15 lakh and above?

Income Tax news live, income tax calculator live: There is growing speculation that the government may introduce a new 25% tax slab for individuals earning between Rs 15 lakh and Rs 20 lakh. Currently, incomes above Rs 15 lakh are taxed at a 30% slab rate. If Budget 2025 implements this change, the 30% tax rate would apply only to incomes exceeding Rs 20 lakh. Tax experts argue that the basic exemption limit should be increased to at least Rs 5 lakh, if not Rs 10 lakh. Unlike a tax rebate, raising the basic exemption limit would reduce the overall tax burden across all income brackets.

Income Tax Budget 2025 Live: Cabinet gives nod to Union Budget

Income Tax news live, income tax calculator live: The countdown has begun! Modi Cabinet has given nod to the FY26 Union Budget. After this, Sitharaman will head to Parliament, where she will present the first full budget of Modi 3.0

• Income Tax news live, income tax calculator live: Budget 2024 enhanced the appeal of the National Pension System (NPS) by increasing the tax deduction on employers’ contributions to employees’ NPS from 10% to 14% of basic pay under the new tax regime. However, this tax benefit, provided under Section 80CCD(2), is currently available only to salaried taxpayers.
• Since self-employed individuals cannot avail of this benefit under the new regime, industry experts have urged the government to incorporate the separate Rs 50,000 deduction limit under Section 80CCD(1B) into the new tax structure.
• For employers, NPS contributions qualify as a business expense and are deductible from their profit and loss accounts.

Income Tax Budget 2025 Live: Know all about HRA exemptions under old tax regime?

Income Tax news live, income tax calculator live: Under Section 10(13A) of the Income Tax Act, those residing in rented accommodations in metro cities like Delhi, Mumbai, Kolkata, and Chennai can claim a House Rent Allowance (HRA) exemption. The exempt amount is the lowest of the following: Actual HRA received. 50% of [basic salary + DA] for those living in metro cities (Delhi, Kolkata, Mumbai, or Chennai). Actual rent paid minus 10% of (basic salary + DA).

Income Tax Budget 2025 Live: What is buzz around capital gains taxation?

Income Tax news live, income tax calculator live: Taxpayers are hoping for no further increases in capital gains taxation, particularly on equity investments. In the last Budget, Finance Minister Nirmala Sitharaman raised the long-term capital gains (LTCG) tax from 10% to 12.5%, excluding the benefits of indexation. Similarly, the short-term capital gains (STCG) tax was increased from 15% to 20%. Nikhil Behl, CEO – Stocks, INDmoney, emphasises the importance of stable tax policies for the stock market. “Maintaining favorable tax conditions on equity investments will ensure steady retail inflows, which are vital for market resilience amid global uncertainties. It will also strengthen long-term investor sentiment, encouraging sustained participation in both primary and secondary markets, ultimately driving economic growth and creating value for investors across all segments,” he says.

Income Tax Slabs 2025 Live: Will Sitharaman introduce new tax slab of 25% for individuals earning above Rs 15 lakh?

Income Tax news live, income tax calculator live: Some expect Nirmala Sitharaman to introduce a brand-new tax slab of new 25 percent. This new tax slab will benefit those who earn more than Rs 15 lakh annually.

Income Tax Budget 2025 Live: What are the expectations of salaried class?

Income Tax news live, income tax calculator live: As the first full budget of the third term of the PM Modi-led NDA government, experts anticipate that the finance minister will introduce tax relief measures for salaried employees, particularly those under the new tax regime. Potential changes may include: Expanding the current 20% tax slab to cover employees earning up to Rs 20 lakh; Introducing a new 25% tax slab to benefit individuals earning above Rs 15 lakh; Making income up to Rs 10 lakh tax-free by extending the tax rebate under Section 87A;

Increasing the basic exemption limit in the new regime from Rs 3 lakh to Rs 5 lakh.

Income Tax Budget 2025 Live: Enhance housing benefits - Budget Wishlist

Income Tax news live, income tax calculator live: Experts are urging the government to enhance housing benefits in the upcoming Budget. “The interest deduction cap on housing loans should be raised from Rs 2 lakh to Rs 3 lakh. This would greatly benefit individuals, especially first-time homebuyers who may have liquidated their savings and investments to purchase a house,” says Ritika Nayyar, Partner at Singhania & Co.

• Income Tax budget live, Income Tax live, income tax calculator live:  While the government has been actively encouraging taxpayers to transition from the old tax regime with exemptions to the new regime with minimal exemptions, many still hope that Finance Minister Nirmala Sitharaman will introduce some benefits under the latter.
• Khyati Amlani, a 40-year-old Mumbai-based corporate legal counsel, believes that the current Rs 1.5 lakh deduction limit under Section 80C is insufficient to meet taxpayers' financial needs. This limit was last increased in the financial year 2014-15 and covers various investments, including the Public Provident Fund (PPF), National Savings Certificate (NSC), Equity Linked Savings Scheme (ELSS), and tuition fees.
• Amlani suggests that the Union Budget 2025 should incorporate Section 80C deductions into the new tax regime and double the limit to Rs 3 lakh to promote disciplined savings.

Income Tax Slab Rates Live Updates: Old tax regime vs new tax regime FY 2024-25 exemptions and deductions

Income Tax budget live, Income Tax live, income tax calculator live: Income-tax deductions and exemptions announced up to the previous year's budget will be applicable when filing taxes for the Financial Year (FY) 2024-25 or Assessment Year (AY) 2025-26. The deadline for filing the income-tax return (ITR) for AY 2025-26 is July 31, 2025.

Income Tax Slab Rates Live Updates: Can NRIs get any relief in property purchase

Income Tax budget live, Income Tax live, income tax calculator live: At present, those looking to buy homes are mandated to withhold 1% of the purchase value in case the property is valued more than Rs 50 lakh or above. While the overall process of TDS deposit is fairly convenient when the property seller is an Indian resident. But situation gets bit complicated when it is the NRI home seller. Many believe that Sitharaman may come announce to do away with these today.

Income Tax Slabs 2025 Live: What are the key numbers you should be looking today?

Income Tax budget live, Income Tax live, income tax calculator live: While the focus will be on the probable income tax slab changes, there are some key numbers that you should be watching today. These include capex, GST, dividend, fiscal deficit, borrowing, nominal GDP and disinvestment among others.

Income Tax Slabs 2025 Live: Is major tax relief announcement on cards? This is what PM Modi hinted

Income Tax budget live, Income Tax live, income tax calculator live: A day before Finance Minister Nirmala Sitharaman presents her record eighth consecutive budget on February 1, Prime Minister Narendra Modi on Friday invoked the Maha Lakshmi mantra, expressing his prayers for the continued prosperity of the poor and middle class. In his customary address to the media ahead of the new parliamentary session, PM Modi stated, “I bow down to Maa Lakshmi, the goddess of wealth and prosperity." He added, “I pray that Maa Lakshmi continues to bless the poor and middle class of our country, showering them with her divine grace."

Income Tax Slab Rates Live: Calls for additional NPS deduction in the new regime

Budget 2024 made the National Pension System (NPS) more attractive for salaried individuals by increasing the tax deduction on employers’ contributions from 10 percent of basic pay to 14 percent under the new tax regime. However, this benefit, available under Section 80CCD(2), does not extend to self-employed individuals.

Industry experts are calling for a separate deduction limit of Rs 50,000 under Section 80CCD(1B) to be incorporated into the new tax regime. Currently, employers can claim their NPS contributions as a business expense, making it a tax-efficient investment option for companies.

Income Tax Slab Rates Live: Will the old tax regime be phased out?

Experts believe that phasing out the old tax regime is unlikely at this stage. Many taxpayers continue to prefer the old system due to the multiple tax benefits it offers, particularly deductions on house rent allowance (HRA) and home loan interest.

In an interview with Network18 in February 2024, Finance Minister Sitharaman had said, “Indian citizens will make their own choices. It is one thing to say that we are bringing in a better system that is the least complicated and at rates that are reasonable for all levels. But there is another system going on where so many exemptions have been given that incentivised saving through insurance covers, medical cover, savings for interest earnings, and so on.” Her remarks suggest that the government does not intend to force taxpayers into the new regime but will allow them to choose their preferred tax structure.

Income Tax Slab Rates Live: Demand for higher standard deduction

With rising inflation and increasing household expenses, there is growing demand for an increase in the standard deduction. Currently, under the new tax regime, the standard deduction stands at Rs 75,000. Experts believe this should be raised to at least Rs 1 lakh to provide meaningful relief. Under the old tax regime, the standard deduction remains unchanged at Rs 50,000, and it is unlikely to see any revision in Budget 2025.

Income Tax Slab Rates Live: Raising the exemption limit would benefit taxpayers

Tax experts argue that even if the government does not increase the exemption limit to Rs 10 lakh, a hike to at least Rs 5 lakh would provide significant relief. Unlike a tax rebate, raising the exemption limit would benefit taxpayers across all income brackets.

Income Tax Slab Rates Live: Possible hike in basic exemption limit

One of the key expectations is an increase in the basic exemption limit under the new tax regime, which currently stands at Rs 3 lakh. Reports suggest that this threshold could be raised to Rs 10 lakh. Additionally, there is speculation that a new 25 percent tax slab may be introduced for individuals earning between Rs 15 lakh and Rs 20 lakh. Currently, incomes above Rs 15 lakh are taxed at 30 percent, and the introduction of a new slab would shift the highest tax rate to incomes above Rs 20 lakh.

Income Tax Slab Rates Live: PM Modi’s Remarks Ignite Speculation

Speaking outside Parliament on January 31, PM Modi said, “I pray to Goddess Lakshmi to shower the poor, middle class with blessings. It is a matter of great pride that India completed 75 years as a democratic nation.” His remarks have been widely interpreted as a signal that the upcoming budget may include tax sops for middle-class taxpayers.

Income Tax Slabs 2025 Live: Relief on both health insurance and medical expenses 

Under the existing framework, senior citizens without health insurance can claim a deduction of up to Rs 50,000 under Section 80D for medical expenses. Experts argue that this limit should be raised and that deductions should be allowed for both health insurance premiums and out-of-pocket medical costs.

Since routine expenses like doctor consultations and diagnostic tests are often not covered under health insurance policies, permitting deductions for both could provide a crucial financial cushion.

Income Tax Slabs 2025 Live: Higher deductions for health insurance premiums

Healthcare costs have surged post-pandemic, with medical inflation estimated at 12-15% annually. This has made health insurance a necessity, especially for senior citizens, who face frequent hospital visits and rising premiums.

Experts recommend an increase in the deduction limit under Section 80D of the Income Tax Act, which currently allows a maximum deduction of Rs 50,000 for senior citizens under the old tax regime. “The government should increase the Section 80D deduction to Rs 50,000 for all taxpayers and Rs 1 lakh for senior citizens,” suggests Srikanth Kandikonda, CFO of ManipalCigna Health Insurance.

Income Tax Slabs 2025 Live: Call for higher basic exemption limit

Currently, the basic exemption limit for senior citizens stands at Rs 3 lakh under both the old and new tax regimes. Experts argue this should be significantly increased, particularly under the new, minimal-exemptions regime.

“Ideally, the basic exemption limit should be raised for all taxpayers, given the middle class's need for relief. However, for senior citizens, this is even more critical as they may lack a steady income stream. Raising the exemption limit to Rs 10 lakh would not only provide financial relief but also simplify tax compliance for them,” says Chirag Chauhan, Founder, CA Chauhan & Co.

Income Tax Slabs 2025 Live: A tax proposal to save Rs 1 lakh for every salaried tax payer without abandoning fiscal prudence

Data shows 88 percent of salaried tax payers earn less than Rs 15 lakh a year and contribute a mere 20 percent of tax collections. Lifting the tax threshold to Rs 15 lakh and levying a tax of 25 percent and 30 percent on the next two slabs can release up to Rs 2.4 lakh crore into the hands of salaried taxpayers. A lot of this tax relief will be recouped by the government in the form of GST accruing from higher consumption. It’s a win-win idea.

Income Tax Slabs 2025 Live: Salaried taxpayers eagerly anticipating tax relief

The upcoming Union Budget is expected to tackle slowing economic growth while offering relief to the middle class grappling with rising prices and stagnant wages.

Salaried taxpayers are eagerly anticipating tax relief, hoping for lower rates and higher deductions. Any revisions to income tax slabs and rates are likely to focus on the new tax regime, which the government has been actively promoting. Official data shows that 72% of taxpayers have already shifted to this system.

Reports suggest that significant changes could be on the horizon, including making income up to Rs 10 lakh tax-free and introducing a 25% tax slab for those earning between Rs 15 lakh and Rs 20 lakh.

Income Tax Slabs 2025 Live: PM Modi seeks lakshmi’s blessings for middle class, poor

Ahead of the Parliament’s Budget session, Prime Minister Narendra Modi invoked Goddess Lakshmi while addressing the media, specifically mentioning the middle class and poor.

“I pray to Goddess Lakshmi to shower the poor and middle class with blessings. It is a matter of great pride that India has completed 75 years as a democratic nation,” he said.

He emphasised that "innovation, inclusion, and investment" will shape India's economic roadmap.

With this message, expectations are high for Budget 2025, as many anticipate tax relief, economic support measures, and women-centric schemes. All eyes are now on Finance Minister Nirmala Sitharaman to see if FY 2025-26 brings a lighter income tax burden.

Income Tax Slabs 2025 Live: Path of fiscal consolidation to continue?

3P Investment Managers' Prashant Jain hopes that the government will continue its focus on fiscal consolidation.  "I wish the government continues on the path of fiscal consolidation," Jain said adding that it is critical to macro stability in India.

"We should accept this temporary slowdown in growth. I think it is happening because, in the past, consumers have borrowed excessively and spent," Jain noted adding that this is why the RBI is also being concerned about rapid growth in that space and why loan growth in that segment has slowed down.

I think that is a healthy correction because, ultimately, you cannot borrow and grow indefinitely. It will lead to pain. So, I would look upon this correction as a welcome phase," Jain said.

• Income Tax Slabs 2025 Live: The government has been steadily introducing new provisions under the new income tax regime to enhance its appeal. However, experts believe that the likelihood of an announcement regarding the complete discontinuation of the old tax regime during the Budget 2025 presentation remains low.
• Instead, the government may consider phasing out the old tax regime gradually over time. As per official data, 72% of taxpayers who have filed their Income Tax Returns (ITRs) have opted for the new tax regime, while only 28% have chosen to remain under the old system.

• Income Tax Slabs 2025 Live: Before the commencement of the Parliament’s Budget session, Prime Minister Narendra Modi invoked Goddess Lakshmi during his customary address, with a special emphasis on the middle class and the underprivileged.
• Speaking to the media outside Parliament, Prime Minister Modi expressed his hopes for prosperity, stating, “I pray to Goddess Lakshmi to shower her blessings on the poor and middle class. It is a matter of great pride that India has completed 75 years as a democratic nation.”
• He further highlighted that "innovation, inclusion, and investment will form the foundation of India's economic roadmap."
• His remarks, particularly focusing on the middle class and economically weaker sections, have heightened expectations that the government may introduce measures aimed at economic relief, tax benefits, and women-centric initiatives in the upcoming budget.

• Income Tax Slabs 2025 Live: Tax Revenue: Tax revenue for FY26 is expected to continue its upward trajectory, building on the Rs 38.4 lakh crore collected in FY25.
• GST: FY26 GST collections are anticipated to experience slower growth compared to the 11% increase seen in FY25.

Income Tax Slabs 2025 Live: Expert's take on annuities

"Currently, a significant portion—around 40 percent—of your retirement corpus is locked into annuities, which are fully taxable. The returns on these annuities range between 5.5% and 6.5%, which is lower than the interest rates offered by fixed deposits. In such a scenario, I would prefer to invest the amount in a senior citizen savings scheme (SCSS). There should either be parity with the Employees’ Provident Fund (EPF) or, at the very least, investors should be given an option to choose, such as a systematic withdrawal plan or investment in government bonds instead of annuities," says Nitesh Buddhadev, a chartered accountant and founder of Nimit Consultancy.

Income Tax Slabs 2025 Live: Why govt may want to rejig tax brackets under new tax regime

Consumption, consumption, consumption! Apart from capex and creation of jobs, this is the key criteria for the government to boost the economy. Any change in the tax bracket would mean more money in the hands of taxpayers. This would incentivise middle-class taxpayers. More money also mean providing much-needed armour in fight against inflation.

Income Tax Slabs 2025 Live: Changes in new tax regime

Some reports suggest that Sitharaman may introduce major rejig under the new tax regime. It should be noted that the new regime of taxation doesn't offer much relief for the taxpayers with flat-out structure. There are very few exemptions. However, it does offer lower tax rates. Sitharaman may announce changes in the slabs offering more freedom and relief to those who opt for new tax regime.

Income Tax Slabs 2025 Live: What is standard deduction?

Standard deductions are a critical tool for the individuals to save on the taxes under both new tax and old tax regimes. Standard deduction helps in reducing the income that is taxed. So, for example, if somebody earns Rs 10 LPA and has opted for Old Tax Regime, she/he will get the benefit of Rs 50,000 standard deduction. So instead of entire 10 lakhs, the individual will be taxed on Rs 9.5 lakh. For standard deduction, no proof is required.

Income Tax Slabs 2025 Live: Changes in standard deductions?

While the Centre remains tight-lipped on this crucial issue, there are reports that Sitharaman may announce changes in standard deduction limit in both new tax and old tax regime. Currently, for those who have opted for the old tax regime, there is a fixed structure for standard deduction. As per the current norms, taxpayers under old tax regime get standard deduction of Rs 50,000. On the other hand, those who opt for new tax regime get a standard deduction of Rs 75,000.

Income Tax Slabs 2025 Live: Hello!

Good morning and welcome to our live coverage on income tax news today. With few hours left for Nirmala Sitharaman’s Budget speech, we will take you through all the latest buzz around probable income tax changes, new reforms and other key data and table. Stay with us for fastest and most accurate updates on the most watched announcement of Union Budget 2025.